Bitcoin Miners' Surrender: A Signal of Price Bottoming Out, According to VanEck Analysis

Analysts at asset management firm VanEck reported on the 22nd that the hash rate (mining speed) of Bitcoin (BTC) decreased by 4% over the month leading up to December 15, potentially indicating a bottoming out of cryptocurrency prices.

According to Matthew Siegel, Head of Digital Assets Research, and Patrick Bush, Senior Investment Analyst at the firm, this drop is the largest since the halving event scheduled for April 2024.

The recent decline in hash rate is primarily attributed to the shutdown of approximately 1.3 gigawatts of mining equipment in China. The mining environment has also become more challenging, impacting the profitability of major equipment...